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the scenes of a gm factory closure. and a trader's impression on alcoa's earnings. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's wednesday, october 10th. i'm angela miles. in today's first look: earnings from alcoa and yum brands. first up alcoa. the aluminum company posted a loss, but still managed to top expectations. alcoa lowered its growth forcast to 6% from 7%. the company has $1.4 billion cash on hand. apparently there's a lot of money in chicken and tacos. yum brands, which owns kfc and taco bell, reported stronger-than- expected earings and raised its full-year guidance. meanwhile, tuesday was a down day on wall street. stocks and gold sold off on global economic concerns, while oil rallied. nhl talks could resume today between players and owners. the commissioner says major money issues are not on the agenda. and the cfo of best buy is leaving the company after 10 years on the job. todd horwitz of the adam mesh group joins us now, and we are off and running with earnings. alcoa reported in last
's hard to beat the earnings report we get tomorrow night from alcoa. i know at times i've cursed at the prospect of a stumbling alcoa kicking off earnings season with a miserable first quarter. the number of times this company seems to have missed estimates is boundless. it makes people cringe. because it is the lone standout of the new season and not much else happens tuesday, kit be worth a day's worth of chatter. how unfair that this stumble bum set the tablo. now you may not like how alcoa does, but if it does pa bad, it is no longer alcoa's fault. they are well run. the issue isn't alcoa itself and the execution or lack thereof. the issue is that alcoa sells into pretty much every market that matters. it's a far better tell for things, for example, that are now totally politicized labor report. consider what markets alcoa plays in. first, alcoa is the dominant raw materials supplier to the airspace industry that employees millions of people globally. an astounding one million screws go into each boeing 787 or airbus 380. all planes use aluminum. i don't know how you're going
to the stock market, it's hard to beat the urge of what we get tomorrow night from alcoa. i know i talked last night about alcoa and their miserable first quarter. because it is the loan standout of the season, it can be a backdrop for at least a day's worth of chatter. how unfair that this stumble bum set the tabloid. now you may not like how alcoa does, but if it's bad, it's no longer alcoa's fault. that way i will cause my oewn prompt ter of worldwide growth. consider what alcoa plays in. alcoa is the come nant space. and 1 million alcoa screws go into a 747. second aluminum is the usual material for parts of trucks. alcoa is in all of them. third construction, you need -- commercial construction uses a huge amount of -- it's commercial construction, and this is the worth of business for alcoa. let's alcoa tell us if it's for real. and we have a tremendous amount of switching. there's no really way to judge this stuff. we will get a read on one of the most important seculars that are now in place. finally aluminum, courtesy of steve jobs has become an important part of the technology food c
alcoa, yum brands on deck for earnings. all of a sudden i started to see alcoa pop for a second there. >> reporter: yeah, those are off about 4% and yum brands pulling back a bit. david: coal stocks getting a big boost today, but other than that it looks red across the board. the bells are ringing on wall street. a little bit of fear factor wondering whether this is the beginning of the correction. october 9th, yes, a couple of years before october 9th we began a correction. whether this turns into one is sttll unclear, but again, we're trading to the downside as we went into the final bell, and it looks like it's trading a little lower as it kind of settles here. dow jones industrials down over 109 right now, s&p getting hit harder percentage wise, down 14.3. nasdaq getting hit the hardest of all of these four indices, 1.5 percentage points, and the russell 2000 down as well, getting hit hard, down about one and a quarter percent. liz: yeah. david's right, a lot of that is apple. the home builders, though, seeing a big drop. let's see how that impacted pkb, the building and con
in three years. the flood of third quarter results kicks off tomorrow with dow component alcoa reporting its sultaftethe be. ahead of that, the dow fell 26 points, the nasdaq lost 23, the s&p down five points. joining us now to talk more about quarterly earnings, and the outlook for the markets: scott wren, senior equity strategist at wells fargo advisors. hi, scott, i want to start off by getting your take on quarterly earnings. looking here on this graph about what the forecast had been calling for is a drop of 2.4% in third quarter earnings year-over-year. it will be the first decline in 11 quarters. and over the last couple of weeks we have he been getting a steady stream of earnings warnings. so scott, will the numbers really be that bad? >> well, sus yeaux, you know, they could very easily be that bad. for me we're expecting more srx flat up 2%. somewhere in there. but really versus that consensus, you're not much different. so i think you know we're not climbing out of the hole any more. we don't have easy comparisons. you're at the point of the economic cycle where you know earni
. tom's off tonight. alcoa's earnings beat analyst estimates. we'll have more in our exclusive interview with c.e.o. klaus kleinfeld. stocks tumble on the five-year anniversary of the dow and s&p's record highs. what will it take for wall street to make a comeback? and find out what daily-deal sites like living social are doing to lure holiday shoppers as we continue our week-long look at holiday retail. that and more tonight on nbr! better than expected earnings and revenues from alcoa tonight. after the closing bell, the aluminum giant said it earned three nts a share in the third quarter. analysts were expecting break- even results. revenues also topped estimates at $5.8 billion, but that was below last year's level. the company repeated its forecast that aluminum demand will double between now and 2020. alcoa is the first dow component to report earnings, and is considered a bellwether of how the economy is faring. the stock barely budged in the regular session, closing at $9.13 a share, and was up a few pennies after hours. we're happy to have with us now alcoa c.e.o. klaus kleinfel
a good rally this year in top strategists will weigh in. alcoa moments away from kicking off the earnings season. i'll speak with chairman and ceo klaus kleinfeld in a moment. take a look at how we're finishing the day on wall street this afternoon. the dow jones industrial average at the lows of the afternoon down 110 points. volume deadly. nasdaq down 47 points. technology one of the weak spots today, down 1.5% on the nasdaq at 3,065. the s&p 500 weaker by 14, about 1%, at 441. we're moments away from the quarterly earnings due out from alcoa and yum brands. let's get today' market reaction. good to see you, guys. thanks for joining us. >> thank you. >> mike, what are you expecting out of earnings this season? >> i think we're going to have a negative quarter, maria. looks like we're down 1.21 according to the cap iq consens consensus. i think we're going to have weakness in the materials sectors. i think there's going to be a surprising strength in financials and consumer discretionary. >> i know i've asked this a million times, but is it priced into the markets we're going see a weak
, sales, though, fell 9%, and alcoa is cutting its global demand forecast for this year, citing the slowdown in china, which the ceo discussed on cnbc's "closing bell" yesterday. >> i'm relatively optimistic on china. the chinese leadership understands that the economy is slowing down. they've put a program in place, which is starting now. it's probably going to take to the end of the fourth quarter to have this visibly in the economic activity, but other than that, i'm pretty optimistic. >> let's take a quick look at how alcoa shares are responding, down 1.3%. this raises a question, is he still optimistic? but shares are lower. what's your impression? >> i think alcoa is usually kicking off on the season, and although it's really a resource type company and the wider framework of banking is still to come, but it's interesting, the 9% fall in sales. it's an indication of both the contraction we're seeing in growth for the global economy, which is expressed in those figures, and the only way companies continue to meet expectations, which we have to say are pretty low now, to bea
. yesteday turned into another downer for the market. alcoa and chevron weighed heavily on the dow. gold ended the session flat and oil dipped by nearly a dollar. and the winter heating outlook is in. following last year's warm winter, some americans will get a sticker shock this year, especially those using heating oil. those bills are projected to rise 20%. lately the hot market has been cooling off. phillip streible of rjo futures joins us. good morning to you. what's your first impression of earnings? > > we've seen a lot of liquidation in the s&p 500 recently. investors are quite concerned about a slowdown in global growth, and also a slowdown in china. we saw alcoa start to come off here yesterday. there was concern that aluminum prices forecasted going forward would be a little bit lower because of that slowdown in china. > > coming up on friday we have financials in focus with wells fargo and j.p. morgan reporting in. can you see any positioning among traders on those stocks? > > i still think that traders are going to be a little bit more defensive. they're going to start lookin
. that's my world. ♪ liz: stand by. after the closing bell, aluminum maker alcoa becomes the first major u.s. company to report third quarter results. just remember, since 2009 i think alcoa has missed estimates 72% of the time. [laughter] sandra smith, the preview. >> so it doesn't always indicate the actual earnings season ahead, but we're watching shares closely. and they are moving higher ahead that earnings report after the bell today, actually leading the dow 30 components right now, up just about eight-tenths of 1%. you can see the intraday chart there. year to date this is a stock that's gained just over five -- sorry, we just switched over -- just over 5%. analysts are expecting alcoa to break even on revenue of $5.5 billion for the quarter. many consider alcoa a bramer the for the earnings season, but there is something to keep in mind here. since 2009 when alcoa missed wall street's earnings forecast nearly 73% of the time as liz just mentioned, of the companies in the s&p 500 went on to beat profit estimates. so three-quart earth of the time they went on to have very good ear
growing." that has not turned the market around. the biggest laggers on the dow, chevron, alcoa, and caterpillar. facing a broad-based selloff. across the board, we will keep our eye on those stocks for you. no surprise to see alcoa drop in today. kicking off earnings after the bell yesterday beat estimates but cut global demand, that outlook anyway and that stock is suffering. yum much better after his report, shares are rallying this morning. apple flipping two days of losses, in green territory. shares are up as well expecting a smaller version of the popular ipad coming next week. of course we will be covering it for you on fox business. traders on the new york stock exchange, cme group and the nymex. not even sure what to call this report today out of the fed. >> neutral and unexciting, that is what we got. the facts and the data we're getting, the market trending based upon third-quarter earnings pretty much telegraphed into the market. quite interesting to me how we drifted lower since september 13 when they came out, and we continued to trend downward. what we are seeing
as protesters take to the streets. >>> and alcoa kicks off what could be subdued u.s. earnings season. third quarter results of the s&p 500 are expected to drop overall snapping 11 quarters of gains. >>> okay. good to have you back. >> good to be back. you were out, i was out, it was -- >> and i was a little worried about what you were up to, so i do admit, i had you followed. and my man, he sent me back this photograph. >> oh, no. >> that is you with the goggles, right? >> yes, that's me with the goggles. >> what's going on? >> that's my sister at the end there. so i was back at my alma mater in virginia for my college reunion. part of that was -- >> to dress up and pretend you played lacrosse. why are you the only one with goggles? >> that's actually a relatively new addition to the game. when i started playing, we didn't wear goggles. but you get hit in the head a lot. supposed to be a noncontact sport. but because it was supposed to be noncontact sport, you didn't wear protective gear. but you get a little riled up, there's things flying. >> you have all thatting aggres out of you? >> i
the ipad mini. after the bell today on 4:00 p.m. show, focusing on alcoa, dow component. first to report here in kick off earnings season. back to you. dagen: thank you. connell: hackers claiming to have ties to islamic terror groups threatening to attack websites of some of the largest financial companies in our country. dagen: adam shapiro joins us with the whole story. adam: we saw this story when there were cyberattacks against bank of america and jpmorgan chase. now this is a posting that appeared on a place where hackers tend to put what they are up to and what they intend to do. this one comes from a group that claims to be cyber fighters. they claim to be protesting and quote insulting film. you know what that's a reference to. now they are saying they are going to attack sun trust through a disruption of services denial -- denial of services. but sun trust seems to be up and running no problem. also targeting regions financial, capital one -- excuse me, capital one would be it today. sun trust wednesday. and regions financial on thursday. right now capital one no problems. you c
. stocks waiting for alcoa to kick off earnings season. nicole: that is right, earnings season begins today after the bell. beginning with alcoa on the 4:00 p.m. show, so we will bring it out. selling across the board. dow jones industrial average down 91 points, so about 15 points off of the lows of the day. the selling going on, nasdaq composite down 1.4%, we talk a lot about apple under some pressure. we saw some business reports coming, sentiment from those have fallen again for the fourth time in five months and also not saying thing to add staff or make capital investments at this time. also european picture here where the euro is lower and the dollar stronger. ibm, a look at some of the others, johnson & johnson downgraded to a cell from a neutral. those are the key names and those are all dow components. back to you. lori: figure for the update, nicole. angela merkel making her first trip to greece since the debt crisis began to show her support for the continued participation in the euro zone. while it is a vote of confiden confidence, her arrival was marred by tens of thousands of
.s. companies that do business there not very super right now, alcoa the latest on warn, not europe that is hurting them but china, a country whose growth is very much in question, and increasing labor strife is no longer in question. the world's hootest economy exposed for not being so hot at all? a case of a financial emperor that never had any clothes, gordon chang has been arguing this for years, and spells it outta left field in a -- out in a bestseller. the coming collapse of china, gordon, to your point, alcoa is latest example, but not the last, what do you mean? >> well, first quarter, caterpillar talking about how china was not so important to itstion after sayinimportance t, it is not just alcoa and fedex there will be a number of other companies that the come out with this in following quarters, alcoa is a prime example, they blamed china because of drop off in demand for its products, there is another aspect, that is that despite the decline in demand, beijing is forcing its producers to continue putting out aluminum it wants to keep employment up that will be an overha
for what some say could be a tough earnings season. we'll know in about an hour when dow component alcoa reports its results after the bell. coming up, ceoklaus kleinfeld talks with maria about the global economy. we'll also be the first to have yum brand results coming up. another key indicator of where this economy and market may be headed. here's where we stand now. a selloff this morning with the dow down 79 points. just kind of bumping along the bottom of the day, now at 13,506. the nasdaq is down 37 points. all these charts will look similar today. 1.2% down on the nasdaq. the s&p is down nine points at 1446. >> it's not a very happy anniversary today for the dow's all-time high. it was five years ago today the dow and s&p 500 hit their all-time closing highs. right now the dow is about 600 points away from that high-water mark. for the year, stocks are still up a solid 15%. why does it feel like it's the most hated bull market in recent memory? the numbers show that main street investors are not on the ride. they have been pulling money out of the stock mutual funds 15 of the last
this morning. didn't help with alcoa's earnings last night. all kinds of other influences pushing it south. we're down 125 right now at 13,348. a decline of almost 1%. the nasdaq, which has been the lagger lately, is not so today. down less than .5% or 14 points at 3,505. the s&p is down 8-plus. september, as you know, may be historically the worst month for stocks. if you know your market history, you know october is not far behind, accounting for three of the worst ten months 1929, 1987, each of which had market crashes, and then there was 2008 at the height of the financial crisis. we're wondering whether this october will be a bad one as well. >> look at some of those declines from the worst months in the past. we're going pose that question in today's "closing bell" exchange. tim friedman of elevation, rob of the jensen quality growth fund along with rick santelli. so all three major averages down for the month. what do you think? is this going to be another scary month for stocks? what do you think, tim? >> i don't necessarily think it's going to be a terrible month for stocks. we could
little economic news. we do have alcoa, and i think that could lead the market, but don't expect a lot of volume this week. and we could kind of creep down. now, i think earnings season is going to end up being really good relative to expectations. i think earnings season is what's going to pop us to that 1500 level. but, you know, today is not a really bright day for the tech sector or the overall market as a whole. liz: well, tom lee of jpmorgan was here in the last half hour saying, you know what? 1495. two optimists right here. we'll take it. thank you so much, mark. mark intats chan. we're going to come back to mark when the s&p futures close in about six minutes, so stay tuned for that. let's get to our street fight now, david. we've got a bull and a bear. outright bull, outright bear. bill stone, pnc chief investment strategist is our bull, and for the bears we have lance roberts, straight talk adviser. lance is already cracking up. he's like, i'm taking on this guy big time. [laughter] so let me get some perspective first, bill. you're an optimist, and you believe that earnings
. earnings season gets the season kicked off today with alcoa. a global labor report because it does matter when you're looking at what the economy is going to do. >> one of the things alcoa has been able to do, particularly with the ceo, is take aluminum and replace a lot of other different metals, whether it be steel in cars because it's much lighter and therefore you use less gasoline. airplanes because again it produces the gasoline use. by the way, it does construct electricity, maybe not as sufficiently in copper but it is used in china. when you look at a can, you know it is recycled over and over again. the skin of an apple ipad, i mean, aluminum has become the fundament. aluminum has been hit by football hedge funds and we have chinese people producing huge amounts of aluminum. if they would close that and let alcoa come in, then you would see a much better number from alcoa. i'm urning people not to look at the earnings per share. that is not going to be -- what you need to do when look at alcoa is look at the individual forecast that he makes. when you see him as a man of his wor
school located at the corner of alcoa avenue and university boulevard. this happened about an hour ago. montgomery county police say that the victim is at a local hospital but is refusing to cooperate. there is no word on a possible suspect. we're continuing to follow the story. we'll have the latest developments for you on our website on and right now we're taking a live look at the school, northwood high school located at the corner of alcoa avenue and university boulevard. someone has been stabbed but we don't have details on the victim except to say that the victim is at a local hospital and the victim is not cooperating with police. that's a surveillance camera we're looking at right now. that's sky 9 they're telling me. that's sky 9, our helicopter. >>> two prince george's county police officers accused of beating a university of maryland student are on trial today. video from the 2010 incident shows the student, john mckenna, being beaten following an upset game that took place with duke, the basketball team. the university of maryland was playing duke. the officers re
on a lot of investors mind right now is the futures? >> alcoa first. then we will go to the lineup. a couple of the big banks out early. wells, jpmorgan chase -- it looks to us as if we are talking about $25 a quarter, give or take a few pennies out of the s&p 500 index. that will be relatively flat. maybe in total, a few pennies better. that is $100 a year. operating earnings from the s&p in an environment where the long-term u.s. government reference riskless rate is under 2%. that is a bargain. melissa: i was interested to see the latest trading volumes. you are talking about the average investor walking away. in august, it was down 37%. that is year over year. that is compared to last august. when we see that the markets are up 9% for the year, i wonder if the individual investor is walking away from returns? >> i think so, melissa. the investing class is still undergoing dramatic shock and recovery from it. that is why all of these bond flows continue to go into funds and those fund managers have to go by treasuries at 1.6-1.7 because they have to do something to put it to wor
things dictated in part by china first, alcoa, the old aluminum corporation of america and on tuesday afternoon, and i think that while the company is operating surprisingly well, earnings will be hurt by high-chinese aluminum. they don't want to set down their plants, because it would layoff huge numbers of of people over there, and they are afraid to do that. alcoa sells very hot marks, aero, automobile, and gas turbines, and don't forget because of its recycling qualities they work in cans. and they make the beautiful aluminum ipad skid. the aluminum in construction is awful. alcoa is hard pressed to get to the mid teens. where it would be if china weren't producing 5 1/2 million tons of aluminum it doesn't need. we'll also hear from yum brands. it's as american as kentucky fried chicken. judging by the slowdown in nike shoe sales, the colonel probably didn't sell a lot of chicken. kfc doesn't taste like a nike sneaker, but it's about people's moods. i bet it isn't bad. i like yum in the lower 60s. wednesday morning, earnings from cost come they got me thinking i'm too negative abo
alcoa for a gauge on corporate america. plus, german chancellor angela merkel ventures to greece, where she will likely be met by a sea of angry people. yesterday in the u.s.: a stock slide on china. stocks and commodies all fell on continued concerns of a slowdown in the chinese economy. and in m&a, principal financial is said to be ready to buy a chilean pension managing company for $1.5 billion. mark sebastian of option pit mentoring joins us now. will some eyes be on europe today mark? > > i think europe's interesting. i think everybody is waiting for the spanish regional elections on october 21st to see if after that they ask for the bailout. we've seen some real strength in the euro. i'm not sure that can last if spain asks for a bailout, and i think we're running into some technical highs on the currency. expect to see the euro drop a little bit here. > > here in the united states a lot of people are concerned about alcoa's earnings, which come out after the close and kick off the earnings parade. > > earnings cycles the last couple of cycles have been "expect the worst and get m
corporations in the united states, and in asia where the long-term growth is. >> susie: all right. those alcoa earnings that came out last night, and its outlook for international growth weighed on the markets today. what's going to be the next big moment for the markets? is it going to be j. p. morgan on friday, what do you think? >> well, j. p. morgan is important, but the way i would view this is a mosaic that's being created every day, and what you want to see, more important than the earnings, is what companies say about the going forward outlook. do they see the world growing in 2013? what is their outlook for fourth quarter for the holiday season? and i think the market is going to react to the incoming data and it going to be very hard to forecast. but i think at the end of it, it's going to be good enough to prevent a collapse had the market, but not good enough to prevent a, to create a major gain. so i wouldn't be surprised at the end of the year to see the averages where they are today, but go a little bit lower between now and then, and then rally afterwards. and of course you hav
been reported related to the problem. earning season on wall street is under way with alcoa reporting its third quarter result. the aluminum maker beat analysts estimates but still recorded a loss. alcoa cited china's economic slow down as a reason for lowering its estimate for aluminum products for the rest the year. alcoa released its report after the market closed. the dow lost 110 points while the nasdaq was down 47. just in time for the holidays, walmart will begin tasting a same day delivery service. customers in select cities who buy popular items online will have them at their door step that day. walmart is trying to compete with which is also testing same day delivery. speaking of the holidays, neiman marcus is out with its christmas catalog. this year's fantasy gift includes a walk on role in the musical "annie." a sports car that comes in red. and just for over a million bucks his and her diamond encrusted watches. and also a trip to paris. i know what you should get for us. >> you would pick the most expensive thing on the list. i want the car. i like big expens
worse? >> earnings season here begins tomorrow with alcoa, costco, jpmorgan highlighting the week. we'll tell you why alccoa is a tell on how earnings will go. >> more worries for apple investors. reported work stoppages at foxconn. the stock now below the 50-day moving average. >> and huawei is sparking new concerns about cyber security. >> we begin with markets around the globe under pressure on global slowdown worries. 7.7% growth in china down from a previous forecast of 8.2%. the world bank citing weak global demand due to the european crisis and a slow u.s. recovery. data from europe showing industrial output in germany fell .5% in august. lots to digest. the world bank note was interesting. what they pointed out was a lot of chinese cities that had these aggressive and ambitious spending, stimulus plans to rebuild the cities might have trouble running into funding for these projects. >> i think a lot of the data that we see today is catch-up. there's just not a lot of good news out there. the brightest spot in the economy is the united states. i think it was controversial last
's happening. we have got more news, last night we heard from alcoa. alcoa is actually bringing down it's global expectations, it's global consumption expect tastes for aluminum saying in china they're looking for 6% growth. that is right in line with what we have been hearing with several other companies that say they have been seeing a slowdown as well. kfc and pizza hut are big brajds as well. >> we're just getting more dribs and drabs of data and jumping on every bit of information that we get. but some of those concerns really echoed by alcoa last night. >> if past is pro log, then what can we expect tomorrow night. we're going to take a look at the debate styles of vice president biden and congressman ryan. >>> when biden was debating for hiss approximatal k578 pain, ryan was in -- >> why is it that joe biden is the first in his family ever to go to a yooirlt. why is out that my wife that's sitting out there in the audience is the first in her family to ever go to college? is it because our fathers and mothers were not briblgt. no, it's not because they weren't as smarlt, it's not
Search Results 0 to 49 of about 238 (some duplicates have been removed)